Agenda- 10/23 Group Project HW: Unit test and notebooks Wednesday.

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Agenda- 10/23 Group Project HW: Unit test and notebooks Wednesday

Sole Proprietorships, Partnerships, and Corporations (Ch. 3, Sec.1) Oh My!

Ch. 3 Sec. 1- Types of Business Organizations: Group Project Grab a textbook and a chrome book! Your group is going to make a presentation on Google Slides about the 3 types of business organizations: Sole proprietorships Partnerships Corporations

Your presentation must contain the following elements FOR EACH TYPE OF BUSINESS ORGANIZATION: -Definition of the business organization -3 advantages of the business organization -3 disadvantages of the business organization -3 real life examples embedded in 1 business name (company logo) 1 picture (business storefront) 1 video (commercial)

Use your textbook Ch. 3 Sec 1 as a resource Use your textbook Ch.3 Sec 1 as a resource! When finished, share with your teacher on Google Classroom (see teacher for code)

Sole Proprietorships Business owned by one person. Advantage: Owner receives all the profit and has full control of business. Disadvantage: Owner is personally responsible for debts and damages. Personal assets can be seized to pay off debts.

Partnerships Business owned and operated by 2 or more people. Partners sign an agreement which spells out their duties and division of profit and assets at the end of a partnership.

Partnerships Advantage: Share control and profits/losses. Disadvantage: Partners have unlimited liability.

Types of Partners: Limited Partners: Business where partners are not equal. Have no liability beyond initial investment. General Partners: are fully responsible for debts of company. Joint Venture: A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task (a temporary agreement) Joint Venture b/t Dodge & RB ; )

Corporations Organization owned by many people but treated by law as if it were a person. Can own property, pay taxes, make contracts, sue and be sued.

Formation of a Corporation Advantage: Stockholders have limited liability, they are not personally responsible, and only the business loses money.

Formation of a Corporation Disadvantage: corporations pay more taxes than other forms of business organizations. Need for financial capital. Wanting financial backers without having a hand in the business. Raises money by selling stocks or bonds.